Bitmine Nears 5% Ethereum Supply Goal as Robinhood Chain Boosts ETH Use

Bitmine Immersion Technologies reported that its treasury now holds 5.77 million ETH, representing roughly 4.8 % of the 120.7 million ETH in circulation and putting the firm 96 % of the way to its stated “5 % supply” target. The holding is valued at over $10 billion, but the average acquisition price of about $3,997 per ETH versus a market price near $1,820 creates an unrealised loss of roughly $9 billion. About 4.92 million of the tokens are staked, generating an estimated $242 million of annual staking revenue. Bitmine’s NYSE‑listed shares trade around $14‑15, well below the market value of its ETH assets, and the company has raised $273.8 million through a Series A perpetual preferred offering.

At the same time, Robinhood launched its own Ethereum‑linked Layer‑2 network, Robinhood Chain, with approximately $141 million of ETH bridged at launch. The L2 now hosts more than 500,000 ETH‑holding wallets, records 24‑hour DEX volume of $877 million—outpacing Ethereum L1 and the rival Base network—and uses ETH as its native gas token. Bitmine chairman Tom Lee highlighted the Robinhood Chain rollout as a major catalyst for broader Ethereum adoption, tying the company’s bullish outlook on ETH to the new infrastructure. Together, the large corporate accumulation of ETH and the rapid growth of Robinhood Chain signal a strengthening role for Ethereum within both institutional treasuries and emerging DeFi ecosystems.